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    Repiglican Roast

    A spirited discussion of public policy and current issues

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    I'm furious about my squandered nation.

    Thursday, June 05, 2008

    More Consolidation in Already Dangerously Consolidated and Poison Food Purveyor Agribusiness

    J.M. Smucker is buying Folgers coffee in an all-stock deal worth about $2.95 billion.

    The jam maker will also assume about $350 million of Folgers' debt in the deal with current owner Procter & Gamble.

    Smucker will issue a special $5 dividend to Smucker shareholders at a to-be-determined record date, before the acquisition. P&G shareholders will receive about 53.5 percent of Smucker in a tax-free stock-for-stock acquisition after the dividend.

    Orrville, Ohio-based J.M. Smucker Co. expects the acquisition will boost profits by about 9 percent, excluding costs, if it owns the brand for the entire 2009 fiscal year. The company expects sales to increase to about $4.7 billion.

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